Why Gap Inc Shares Got Hammered Today

newsfeedback@fool.com (Jeremy Bowman), The Motley Fool
Fri, 05/25/2018 - 1:09pm

Shares of Gap Inc (NYSE: GPS) were hit hard today after the apparel retailer posted a lower-than-expected profit in its first-quarter earnings report, as inventory issues continued to plague the company. As a result, the stock was down 14% as of 2:54 p.m. EDT.Image source: Getty Images.Overall comparable sales were up 1% and were mixed across its three chains, as same-store sales were up at 3% at both Old Navy and Banana Republic, but down 4% at Gap stores. Net sales were up 10% to $3.78 billion, or 6% when adjusted for the new revenue recognition standard, which beat estimates at $3.61 billion. Continue reading

Topics: inc nyse gps images old navy banana republic gap shares today sales billion

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Why Gap Inc Shares Got Hammered Today

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